NARROWBAND IOT MARKET TO REACH USD 4.1 BILLION BY 2027 | CAGR 38.1% – FORENCIS RESEARCH

Narrowband IoT Market Size, Share, Trends, Growth, Analysis, Research

Global Narrowband IoT Market: Key Highlights

  • According to the new market research report Narrowband IoT Market by Services (Professional Services and Managed Services), By Component (Network and Module), By Deployment Mode (In-band Deployment, Guard band Deployment and Standalone Deployment), By Application (Smart Metering (Electricity, Gas, and Water), Tracking (Asset Tracking, Logistic Tracking), Smart Energy, Smart Parking, Smart Waste Management, Smart Cities (Street Lamps or Dustbins), Smart Buildings, Agricultural and Environmental and Others), By End-User (Automotive, Agriculture, Healthcare, Infrastructure, Manufacturing, Consumer Electronic, Energy & Utilities, and Others), By Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2027)”, the global Narrowband IoT Market is estimated to reach USD 4.1 Billion by 2027 at a CAGR of around 38.1% during the review period.
  • The increasing adoption of the Internet of Things (IoT) to enhance communication and battery life will be anticipated to boost the market growth during projected years.
  • However, front-end complexity remains a major challenging factor for the growth of the Narrowband IoT Market in the forecast period.  

Narrowband IoT Market

Global Narrowband IoT Market: Key Market Dynamics

  • NB-IoT is projected to available in the core developed countries and cities which is expected to boost the growth of the market in the forecast period.
  • Security is a major concern among enterprises adopting IoT which may lead to hamper the growth of the market in the forecast period
  • Growing demand for parking guidance system allow operators to optimize their utilization which is expected to boost market growth.
  • The IoT devices help to consume less power which would lead to enhance the demand for market growth in the forecast period.

Global Narrowband IoT Market: Regional Overview

  • Asia-Pacific

The Asia Pacific is anticipated to become the global leader in the Internet of Things (IoT) spending as businesses build out viable go-to-market strategies across the region. According to the United States-China Economic and Security Review Commission, China projected to increase their adoption of IoT in developed countries for enhancing its business growth and  for operational benefits. Moreover, in 2013 China has established an IoT focused inter-ministerial council expert advisory committee to enhance the coordination between overlapping areas. Furthermore, in 2015 there was more than 90% of China’s provinces and municipalities which has been listed the Internet of Things (IoT) as a major industry in their development plans. According to the Federation of Indian Chambers of Commerce & Industry, the IoT technology adoption is expected to grow in India at the CAGR of 137% and USD 1.9 Billion in 2020.

Hence, in 2017 China Telecom has made nearly 28 million IoT connections in China which are projected to increase the demand for the narrowband IoT market in the region.

  • Europe

Owing to the rapid growth of the technologies industry in Europe, the demand for IoT insurance is expected to increase. According to the European Commission, in 2016, IoT European Platform Initiative (IoT-EPI) was launched for better operation and security for the citizens. Moreover, the region is in an attractive position to become a worldwide leader for the IoT. In Germany, the IoT is more focusing on Industry 4.0 plans to enhance its manufacturing industries. Furthermore, the European Union (EU) also funding in IoT research by the Horizon 2020 program.

Therefore, the growing adoption technology in the region will be projected to lead the demand for the market.

Global Narrowband IoT Market: Key Players Overview

  • Huawei Technologies Co., Ltd.:

Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. The company is also engages in the provision of telecommunications equipment, consumer electronic products including smartphones. Moreover, the company offers a different range of IoT solutions for industries and operators which contain pen source operating system, eLTE/NB-IoT/5G networks, n IoT connection management platform, and IoT network integration services and Huawei LiteOS, IoT communication. Furthermore, in 2018, Huawei releases World's First 3GPP R14-based Commercial NB-IoT Solution which will help to enhance the performance.

  • SAMSUNG:

Samsung Electronics Co., Ltd. manufactures a wide range of industrial electronic equipment and product which includes monitors, televisions, semiconductors, and home appliances. The company also produces internet access network systems and telecommunication equipment. Moreover, Samsung’s cellular IoT solution fully complies with the 3GPP IoT standard of CAT-0, CAT-1, CAT-M and NB-IoT. The company also provides an IoT standalone base solutions that supports NB-IoT. In 2019, Samsung signed an expansion contract with KT Corporation (KT) to provides a solution for public safety (PS-LTE) network which will be based on 3GPP standard Release 13 for 10 major metropolitan regions in South Korea includes Seoul by 2020.

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Published : 2020-03-03